DUBAI: Yemen’s oil export volumes rose 14 percent in the first quarter of 2013, earning the government $35m more than in the same period of 2012, according to data published by Yemen’s central bank yesterday.
Attacks on Yemen’s oil pipelines since 2011 cut the government’s oil exports from 6.4 million barrels in the first quarter of 2011 to 5.69 million barrels in the same period of 2012.
Higher oil prices in early 2012 helped make up for the lower volumes, boosting Yemen’s oil income by $10m to $696m despite fewer barrels being sold.
Global oil prices have fallen again in early 2013, compared to the first quarter of last year, but Yemen exported an additional 790,000 barrels in the first three months of 2013, with 6.48 million sold for a total of $730.76m, Central Bank figures show.
Yemen’s oil and gas pipelines have repeatedly been sabotaged by insurgents or angry tribesmen since anti-government protests in early 2011 created a power vacuum in the Arabian Peninsula country, causing fuel shortages and slashing export earnings.
Because of the attacks, Yemen’s oil needs were not met by its own production in the first half of 2012. There has been some improvement this year, however, and Yemen was able to channel 5.58 million barrels of its oil to the domestic market over the first three months of 2013.
Yemen has agreed to sell all its expected oil exports for July, around 2.1 million barrels or nearly 68,000bpd of Masila crude, to China International United Petroleum & Chemicals Co (Unipec).
Reuters
